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The IAEngine is the UK Investment Association’s FinTech accelerator, and it was Accomplish’s privilege to be its featured FinTech across the month of April 2024. Thank you to Henry Bewley and the whole team at the IA Engine for showcasing the Client Behavior Benchmark. Watch the video to discover our answers to Henry’s three questions: 1) what does the Benchmark let asset managers do that they couldn't do before, 2) how did this unique new capability come about, and 3) what should asset managers do now?
The UK’s Consumer Duty expects firms to “take behavioral biases into account” while ensuring they “avoid inappropriately manipulating them” and to have “Board-level data and metrics” to demonstrate compliance. Check out Accomplish’s playbooks for 7 behavioral biases you should incorporate into your sales funnel and the behavioral science behind a 5-level client retention strategy. Both guides cover best practices, mistakes to avoid, and metrics to monitor.
Would you trust data-driven insights if you knew the data quality checks had been neglected? What, even, is the point of a person saying they are data-led if they do not ensure their data is clean? For Accomplish, nothing is more important than the integrity, confidentiality, and availability of our clients’ data, so we thought you would appreciate this summary of the checks we perform.
Actions speak louder than words, so asset managers should measure client behavior to focus their organization on what matters most (which is whether or not clients buy, stay, or buy more), and what you can do to stimulate client behavior. In contrast, humans are tricky creatures, so you cannot rely fully on what they say. This makes actions, not words, the reliable indicator of demand and, therefore, it makes client behavior data the perfect business intelligence: meaningful, commercial, and professional.
There are two types of indicators of client behavior – leading and lagging ones – and this article focuses on the 3 lagging indicators. For the investment industry, they are ‘buying’ (sales conversion), ‘staying’ (client retention), and ‘buying more’ (products-per-client). These behaviors involve transfers of money, which gives them the rare feature of being dollarizable because they – and only they – pay the bills. If they point the wrong way for too long, the situation could become life-threatening for the organization, which makes them a vital component of your institutional asset management business intelligence.
In this article, we define three levels of client insights and describe the opportunity gained from exploiting each one. We go on to explain how this sort of business intelligence will separate winners from losers and how the data you need for it is already in your marketing and CRM systems. As a result, you can now be more discerning about paying a premium for client insights from an external provider’s black box.
From a behavioral perspective, the asset management sales funnel is NOT an inverted triangle. It is an hourglass of buying, staying, and buying more. While this may be news to some people, it is a fact and the reason why the 7 use cases of the Client Behavior Benchmark will separate winners from losers. To spread the word, this blog gives you a simple explanation of each use case. We see it as a survival guide for asset managers navigating the current market environment – and the client behavior data you need for it is literally sitting in your systems waiting to be extracted and exploited.
In September 2023, Accomplish unveiled the Client Behavior Benchmark at DCE Connect – the annual invite-only asset management client engagement conference for MDs and senior managers. In a keynote speech, Adam Grainger explained how to measure client engagement, demonstrated how the Client Behavior Benchmark is helping investment firms keep their sales funnel as wide as possible for as long as possible – and the data is already in your systems. On completion of the conference, attendees placed behavioral insights at the top of their list of 2024 investments.
Here’s a story asset managers can be proud of – a breakthrough in how the industry leverages behavioral science to improve investment client experience (CX). This innovation, the Client Behavior Benchmark, allows firms to tap into valuable client behavior data that’s already in their systems. If your firm isn’t part of the benchmark yet, now is the time to join. Take control of your client data, uncover powerful insights, and drive better engagement.

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